Spain | September confirmed the cooling of labor market in the 3Q19

Social security affiliation increased by 3,200 people in sep-19 (2.4% YoY) and unemployment increased by 13,900 (-3.8% YoY). Excluding seasonality, employment grew by 26,000 and unemployment fell by 18,000. Both the increase in affiliation (0.4% QoQ CVEC) and the fall in unemployment (-0.4% QoQ CVEC) lost traction in the 3Q

Key points

• Key points:
• Social Security registration prolonged its weakness in September
• All sectors contributed to the non-seasonal increase in employment
• Hiring rebounded, especially the indefinite employment
• Unemployment rose for seasonal reasons, but less than expected
• Labor market recovery lost momentum in 3Q19

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